Original Turtle Rules Trader EA implements a trading system described in the book "The Original Turtle Trading Rules".
According to the description given in the book, the famous Turtle Trader system consists of the following components:
- Selecting the size of a trading position depending on the current market volatility.
- Entering the market after the fast or slow Donchian channel breakout.
- Skipping the second signal following the first successful breakout.
- Adding new positions.
- Placing and moving stop orders.
- Exiting positions.
In full compliance with the description,
- the system automatically tracks the current market volatility and calculates the optimal trading lot - unit;
- the algorithm visualizes three Donchian channels on the chart: System 1 and System 2 channels, as well as the fast channel for exiting a position;
- the EA skips the channel breakout (regardless of its outcome) if a successful trading signal was implemented before that;
- the algorithm tracks a trade, closes a position after the fast channel breakout or adds positions after specified volatility intervals;
- the EA sets and moves stops.
Instead of closing trades after the fast channel breakout, the algorithm can use the Parabolic SAR system or simply set a take profit.
- Donchian channel for exit breakout - range for building the fast channel (entry channel).
- Donchian channel for system-1 breakout - range for building the System 1 channel.
- Donchian channel for system-2 breakout - range for building the System 2 channel.
- Max. deposit share at risk in one trade - risk per one position as a deposit share.
- Max. amount of "Units" per symbol - maximum acceptable number of units per symbol.
- Adding interval (times ATR) - volatility interval for adding positions.
- Stop loss (times ATR) - volatility interval for placing a stop order.
- Take profit (times ATR) - volatility interval for placing a take profit
- Allowable trade slippage - acceptable slippage.
- Use SAR-system to trail SL - enable/disable Parabolic SAR system.
- SAR system step - SAR system step.
- SAR system cap - maximum SAR system step.